When considering a new financial product, it’s good practice to compare your options in order to make sure you’re getting the best deal, and the same goes for prepaid cards.
Prepaid card features can vary between providers, so it’s best to scour the market and compare different offers to find the right prepaid card that suits your exact needs.
If you’re unsure of where to start when comparing prepaid cards, not to worry! In this guide, you’ll learn what to look out for when you compare prepaid cards and how to find the best offers.
1. How much will you be using the card?
Prepaid card providers often charge fees for using their services. These fees can come in the form of a fixed monthly cost, such as £9.95 per month, or alternatively, you can pay a fixed percentage of each transaction you make with the card, such as 2% per transaction.
If you’re planning to use the card sparingly, it’s best to go for a card with a fixed transaction fee, as this can save you money. However, if you’re looking to use your prepaid card regularly, you’ll likely benefit from a pay monthly card.
2. Will you be using the card abroad?
If you’re looking to use your prepaid card on holiday, make sure you take a look at any international ATM fees when you’re comparing the different options.
Some providers will charge as much as £3 if you withdraw cash whilst you’re in another country, so be sure to check the fine print to see how much you could be charged.
3. Does it come with an overdraft facility?
It’s important to have a safety net for those unexpected bills or hurdles that may get thrown your way. If you’d prefer the security of an overdraft facility, make sure you check that this feature is offered when comparing your prepaid card options.
With the icount prepaid MasterCard®, you have access to the icount iDraft. This is a £250 overdraft facility and there are no overdraft charges; providing you with that added security when you need it the most.
4. Do you need purchase protection?
Purchase protection is not essential, however, it can help significantly when purchasing goods with your prepaid card. Purchase protection gives you peace of mind that you’ll get your money back, should you receive faulty or damaged goods, or if your purchases don’t turn up at all.
To experience these benefits, make sure to check for this feature when comparing prepaid cards.
5. How much money will you have on the card?
Some providers have limits regarding how much you can have on the card at any one time. It’s unlikely that you’ll have any problems with this, however, it’s worth checking in case there are specific terms and conditions to be mindful of.
Which prepaid card is best?
When looking for the best prepaid cards, you must consider your individual needs and which prepaid card features match these requirements.
You can utilise comparison sites, or check the different offers individually. No matter which option you choose, comparing different prepaid cards will help you to find the right choice for you.
For more money saving tips and prepaid card advice, take a look at our money guides for guidance on all things personal finance, from everyday spending and saving to rebuilding your credit.